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A portable PS4 will be a terrible idea.
A portable PS4 will end both Sony and Playstation 4. A portable ps4 will need to have ports of a LOT of games and that cost more money that what it's worth (developing and testing), and having a missing back library will make it the weakest option.
A Vita-like system has two options that will both end in failure
- A portable only system that will fail since the Switch is both portable and home console
- A hybrid console that will make it a copy cat and could kill PS4
Sony has put a lot of money on PS4 and many network services, it is a wiser choice to double on that and make it the most inviting machine with games and services, that make a defensive strategy against the Switch and lose a lot of money